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Skydo, the Bengaluru-based cross-border payments platform for Indian exporters, has raised $10 million in a Series A funding round led by Susquehanna Asia Venture Capital, with participation from existing investor Elevation Capital. The startup, which claims to serve over 30,000 MSMEs, freelancers and startups across over 50 cities and processes payments in more than 32 currencies, is among the first entities to receive the Reserve Bank of India’s in-principle authorisation as a Payment Aggregator – Cross Border (PA-CB). Skydo positions itself as a financial operating system for exporters.
The platform enables local payment collection from clients in multiple countries, processes transactions at zero forex fees with transparent flat pricing, and offers 24-hour settlement. It automatically generates compliance documents like FIRA, and provides a full suite of accounts receivable tools like invoicing, payment reminders and accounting integration
“Indian exporters are second to none in their global ambition. Skydo aims to enable them with world-class payment infrastructure built from India for the world,” said Srivatsan Sridhar, co-founder and CEO of Skydo.
“This funding fuels our mission to build the financial operating system for global commerce, from collections, payouts, card acceptance, compliance automation and accounting reconciliation,” he added.
“We’re demonstrating that India has the talent, compliance muscle and regulatory clarity to build global financial infrastructure from here, for the world,” said co-founder Movin Jain. He said the company plans to expand its global footprint and secure additional payment licences in key markets.
Mridul Arora, Partner, Elevation Capital said, “Since partnering with Skydo at their inception, we have been incredibly impressed by the team’s speed, execution, and unwavering product focus. They have done a stellar job scaling the platform 4X in the last year alone, building what is truly a customer-centric international payments powerhouse.”
About Skydo
Skydo has been co-founded in 2022 by Srivatsan Sridhar (CEO), who leveraged his experience in family business and McKinsey, and Movin Jain, an ex-PhonePe and Meesho executive, to build a cross-border payments platform for Indian MSMEs, simplifying global money collection with local accounts and low fees. Skydo is a fast-growing, Bengaluru-based fintech platform simplifying cross-border payments for Indian businesses, freelancers, and MSMEs by offering global accounts, low-cost transactions with zero FX margins, instant FIRAs, and compliance automation, making international collections as easy as local ones through direct bank transfers.